1 BRRRR in St. Louis -

[Chris Fillingham]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $73,000
Cash invested: $64,000

My first BRRRR had all kinds of surprises and unexpected twists and turns. I thought I could do a lot of the work myself, but I got shut down by the city for overstepping. Lesson Learned! Luckily I was able to keep working through the process and found ways to keep the project moving forward. It took longer and cost more than I expected, but the ARV and rent was much higher as well. My first project came out great!

What made you interested in investing in this type of deal?

I wanted additional income to help save up for my children's college.

How did you find this deal and how did you negotiate it?

Found it on Auction.com.

How did you finance this deal?

HELOC from my personal house.

How did you add value to the deal?

Total rehab.

What was the outcome?

Fantastic! I put $137k into the project. It has appraised for $163k, and cash flows about $450/mo.

Lessons learned? Challenges?

Yes! Dont try to bypass the permits and inspections! I was shut down for a week because I was doing the electrical myself.